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Historic Low Boston Real Estate Mortgage rates

Mortgage rates fell below 3% for the first time ever as the economy continues to struggle from the effects of the coronavirus pandemic.

Mortgage Rates Below 3%

The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac. That’s the lowest level in the nearly 50 years of the mortgage giant’s survey. The 15-year fixed-rate mortgage dropped to 2.48%.

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Boston Real Estate and the Bottom Line

Record-low rates have led to increased demand among homebuyers, according to Freddie Mac.
But the mortgage giant warns that the rise in new virus cases is stalling the economic recovery, and this pause risks turning temporary layoffs into permanent job losses. That could negatively impact home buying.
The record low rates have come amid a roller coaster of optimism and pessimism about the economy, said Danielle Hale, chief economist for Realtor.com.

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